Digital solution provides new ways for consumers to get financial help
Despite the challenges of Covid 19, Channel Islands based fintech lender Reto Finance has successfully implemented Aryza’s SamePage loan management platform migrating their existing portfolio from a legacy asset finance system.
Reto Finance formed in 2019 following a local management buy-out of established and respected finance company Shawbrook International. The management identified a clear opportunity to provide customers with no-nonsense, competitive multi-product lending services tailored to local market conditions.
The SamePage system and team which was which was set up in 2017, was chosen by Reto Finance as they wanted to source and implement a market leading and dynamic platform supporting a diverse range of financial products to both consumers and corporations including unsecured and secured consumer loans, motor hire purchase and property backed loans. The system needed to deliver more efficient application processing with effective and consistent credit decisioning and underwriting and adaptable and flexible loan servicing. This need to underpin Reto Finance’s objective to improve its overall customer service while supporting the legal jurisdictions of both Jersey and Guernsey.
Utilising its experienced team of financial services experts, coupled with its unique mix of modern digital and adaptable software, SamePage delivered a phased approach to delivering an end-to-end solution that automated process, simplified the business model and improved ease of use and efficiency.
The platform has led to significant improvements in new loan applications processing and underwriting quality and speed and has enabled Reto Finance to quickly launch new introducing partners, and products.
Rob Evans, Product Director at SamePage commented:
“It has been a great team effort and working in collaboration with the Reto business users ensured we delivered a far more efficient and streamlined business model and solution to meet the future growth targets of the business.”
The project required the platform to support the incumbent loan products such as asset finance and secured loans and related process as well as provide support for new consumer and commercial loan products which would help increase market share and opportunities.
Colin Brown, Aryza Chief Executive Officer commented:
“We are delighted that they are already achieving significant benefits, Reto Finance is able to process new business quicker, make faster decisions and collect all relevant data required to support better lending.”
The platform has been delivered on a cloud-based infrastructure which, during the recent COVID-19 crisis, enabled the entire Reto team to re-deploy to a home-working model with no business interruption.
The agility and speed of change of the platform allowed SamePage to quickly enhance and re-configure its products, enabling Reto to offer a combination of Payment Holiday and Concessionary Repayment arrangements, to help their clients through the current crisis.
On the success of the new online platform, Reto Finance Chief Executive Officer Adam Dawson said the new system has transformed their business. He commented:
“The SamePage system and team have been very adaptable and open to new requirements – the answer has been ‘yes’ to our requests. We have had a tremendous response and enhanced perception from our key third parties when viewing and using the system. The team at SamePage have taken ownership of the entire project, allowing Reto to focus on the business, and not be drawn into and distracted by IT and technology issues. The migration of the loan portfolio is a huge undertaking for any lender. The SamePage team took ownership of the process and delivered a successful outcome
“I have been delighted with the new system, it is so easy to use, very intuitive and it couldn’t be more straightforward.”
The project was split over two phases with the first phase involving originating and managing new business under the newly branded Reto Finance. The second phase involved a comprehensive migration of the legacy portfolio to the SamePage platform. Both phases were delivered on time and budget over the period of September 2019 to May 2020, despite the unprecedented challenges that were presented as part of the recent pandemic.